Michael & Patricia Rodriguez

Medical professionals with big retirement travel plans

Who They Are

Client Profile

Our clients come in all shapes and sizes with varying income levels, unique challenges, and different goals. We offer customized planning for each client based on individual circumstances.

Financial Situation

  • Combined annual income: $640,000
  • Retirement savings: $2.3 million across 401(k)s, IRAs, and brokerage accounts
  • Home value: $1.2 million with $350,000 remaining on mortgage
  • Additional real estate: Beachfront condo worth $650,000 with $200,000 remaining on mortgage
  • Emergency fund: $100,000
  • Outstanding debt: $550,000 in mortgages, $45,000 in student loans (helping their daughter)
  • Michael has a profit-sharing plan through his medical group worth approximately $750,000
  • Patricia has a 403(b) through the healthcare system with employer matching
  • They have a whole life insurance policy with cash value of $180,000

Retirement Goals

  • Michael plans to reduce his hours at 62 and fully retire at 65
  • Patricia is considering retiring at 62 to align with Michael’s reduced schedule
  • They want to split time between their primary residence and beach condo
  • They hope to travel extensively, particularly to South America to explore Michael’s heritage
  • Michael wants to volunteer with Doctors Without Borders for short assignments
  • Patricia is interested in teaching nursing part-time in retirement
  • They want to help their children with student loan repayment and future home purchases
  • They hope to establish a scholarship at their alma mater

Financial Concerns

  • Worried about high tax burden in retirement due to required minimum distributions
  • Concerned about healthcare costs before Medicare eligibility
  • Uncertain about the best strategy for claiming Social Security benefits
  • Want to ensure they can help their children financially without compromising their retirement
  • Concerned about potential long-term care needs for themselves and Patricia’s mother
  • Unsure about the most tax-efficient way to draw from retirement accounts
  • Worried about market volatility affecting their substantial retirement portfolio
  • Concerned about estate planning and minimizing estate taxes
  • Uncertain about whether they’re saving enough despite high income

Questions They Have

  • Are we on track to retire when planned while maintaining our current lifestyle?
  • How can we minimize taxes in retirement with our substantial retirement accounts?
  • Should we consider Roth conversions before required minimum distributions begin?
  • What’s the optimal time for each of us to claim Social Security?
  • How should we structure our investment portfolio as we approach retirement?
  • Should we pay off our mortgages before retiring?
  • What’s the most tax-efficient way to help our children financially?
  • How should we plan for potential long-term care needs?
  • Should we consider charitable giving strategies to reduce our tax burden?
  • How should we update our estate plan to protect our assets and minimize taxes?

Getting started is simple

No gimmicks, just clear and honest financial advice you can trust. We’re fee-only advisors—no hidden agendas or conflicts of interest. At Rockbridge, clarity comes first, so you’re always confident in your financial decisions.